PNC Provides Financing for two Vornado Properties
PNC Real Estate recently financed two luxury rental apartment conversions for Vornado Realty Trust, an S&P 500 Real Estate Investment Trust.
West End 25, Washington, D.C. is a conversion of two six-story office buildings connected by a ground floor lobby that rises into a spectacular ten-story apartment building with 283 units. PNC Real Estate provided the Freddie Mac, ten year $101,671,000 fixed rate non-recourse loan.
220 20th Street, Arlington VA, was originally built in 1968 and reconstructed/converted by Vornado in 2009 from a 13-story office building into a stunning 20-story apartment building featuring 284 units. The permanent financing provided by PNC Real Estate for this property was a $76,200,000 fixed rate Fannie Mae loan.
PNC has had a long standing relationship with Vornado who has engaged PNC to provide a range of finance products. As a result of Vornado's confidence in PNC, the right solutions helped them achieve their goals.